This invention relates generally to credit cards and more specifically to the enhancement of their security.
Credit card usage is growing at astounding rates and has supplanted currency and even coinage for many uses. The reason for this growth is that there have been vast advances in the credit cards themselves and by advances in the banking systems.
Equipped with Radio Frequency Identification (RFID) capability, these advanced cards allow the user to quickly get verification on the card's usage and often only require a “passage” of the card close to the reader.
Further, banks and card issuing entities have relaxed the signature requirements for small purchases and the fees charged to merchants have been relaxed allowing the credit cards be used for what are known as “micro-purchases” (small amounts).
While these advances In technology and procedure have expanded the reach of applications for credit cards, it has also opened up significant potential for fraud. A stolen card can now be used by anyone without any verification whatsoever.
Because of this, many owners of credit cards have put “See ID” or “CID” on the signature line on the back of the credit card. This is an attempt by the owner to make sure that if the card is stolen, without picture identification, the card cannot be used.
Unfortunately, this requirement is missed by merchant for the majority of charges. In fact, owners who have so marked their credit cards are amazed when the legend actually works.
It is clear there is a need to improve credit card security.